Motorists across the UK have been handed a crucial piece of financial advice that could save them an average of £1,371 on their annual car insurance bill. The secret lies not in switching providers, but in the precise timing of your renewal.
The Golden Window for Renewal
According to an in-depth analysis by MoneySavingExpert.com (MSE), the website founded by consumer champion Martin Lewis, the cost of your premium is heavily influenced by how early you shop for quotes. The research, which examined over one million quotes from January to April 2024, pinpointed the optimal timeframe.
The cheapest day to get new quotes is 26 days before your current policy is due to expire. On renewal day itself, the average annual policy cost was a hefty £2,277. However, for those who acted 26 days in advance, the average price plummeted to just £906. This represents a staggering saving of £1,371 for the exact same cover.
Why Timing is Everything
MSE explains that insurers perceive customers who leave their renewal to the last minute as a higher risk, potentially because it suggests disorganisation. This perception is reflected in significantly higher premiums. Conversely, getting quotes too far in advance—more than 28 days before your policy ends—can also lead to higher average prices, as fewer insurers are willing to provide quotes that early.
The ideal window for securing the best price is therefore between 20 and 27 days before you need the new policy to start. Your renewal notice, typically sent around 28 days before your current cover lapses, is your cue to start comparing prices actively.
Real-Life Success Stories
The strategy has already delivered substantial savings for MSE readers. One reader, Hayley, reported that her monthly payments dropped from £108 to just £51 after renewing three weeks early, saving her £684 over the year. Another, named Cara, saved over £690 by getting quotes 24 days before her renewal date.
To avoid automatic renewal at a higher price, drivers are advised to diarise their renewal date and take action during this golden window. Using comparison tools, like the one available on the MSE website, can streamline the process of finding the best deal.
